- Grid Battery Metals (TSXV:CELL), a top-performing battery metals stock, intends to spin out its British Columbia nickel properties into a wholly owned subsidiary and list it on the Canadian Securities Exchange
- Mineralization on the claims includes nickel, cobalt and chromium, with neighboring FPX Nickel enhancing resource prospectivity
- Grid Battery Metals is a Canadian-based exploration company focused on high-value battery metals for the electric vehicle market
- Grid Battery Metals stock (TSXV:CELL) is up by 92.86 per cent over the past year
Grid Battery Metals (TSXV:CELL), a top-performing battery metals stock, intends to spin out its British Columbia nickel properties into a wholly owned subsidiary and list it on the Canadian Securities Exchange.
The properties consist of five claim blocks over 6,125.32 ha in three groups – Nickel West, Nickel Central, Nickel South – in close proximity to FPX Nickel’s high-potential Decar project and Baptiste deposit.
Mineralization on the claims includes nickel, cobalt and chromium, with some nickel mineralization occurring as awaruite, a nickel-iron alloy essential to the manufacturing of electric vehicle batteries.
Grid will receive 9,339,040 common shares of the spinout to offer to shareholders. Each Grid shareholder is estimated to receive 1/20 of a spinout share for each Grid common share held.
Grid will continue to hold its interests in its Nevada-based lithium projects:
- Texas Springs, which adjoins Surge Battery Metals‘ Nevada North lithium project and averaged 3,254 ppm lithium within all near-surface clay zones intersected in 2022 drilling
- Volt Canyon, which features sediment-hosted lithium clay targets and nearby surface samples up to 108 ppm lithium
- Clayton Valley, which borders Albemarle‘s Silver Peak Lithium Project and is prospective for lithium brines and lithium-enriched clay deposits
“In order to continue to create additional shareholder value, we are separating our Nevada-based lithium properties from our British Columbia-based nickel properties, and plan on separately financing and taking the B.C. nickel properties public on the CSE. We believe this is a win for our shareholders, giving each shareholder an equity interest in a new public company at no additional cost to them,” Tim Fernback, Grid Battery Metals’ president and CEO, said in a statement.
Readers should note that the spinout requires approval from shareholders and the British Columbia Supreme Court.
Grid Battery Metals is a Canadian-based exploration company focused on high-value battery metals for the electric vehicle market.
Grid Battery Metals stock (TSXV:CELL) last traded at $0.135 per share. The stock is up by 92.86 per cent over the past year.
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